DHFL’s Kapil Wadhawan presents to repay lenders, tells administrator he can guarantee most worth for the corporate
On the day the deadline to submit bids to amass his bankrupt agency was to finish, Dewan Housing Finance Restricted (DHFL) promoter Kapil Wadhawan made a proposal to settle all claims towards the corporate. In a nine-page letter addressed to the administrator of DHFL R Subramaniakumar dated October 17, Wadhawan proposed that he switch the rights, title and curiosity within the agency’s initiatives to himself to make sure “most worth” to stakeholders. He claimed that the whole revenue from 10 of DHFL’s initiatives is pegged at an estimated Rs 43,897 crore, and never the suppressed worth “exterior forces” are attempting to challenge.
Wadhawan claimed that even these valuations finished by “internationally acclaimed exterior valuers” was conservative and decrease than the precise market worth. A few of these properties embody the Juhu Gallo challenge with a income potential of Rs 32,000 crore and one other challenge in Irla, with potential income of Rs 4,400 crore. Wadhwan has urged Subramaniakumar to conduct an impartial valuation of those properties to determine their worth. More here
HDFC Life Q2 standalone web revenue rises 5.6% to Rs 326.09 cr
Non-public life insurer HDFC Life on Monday reported a 5.64 p.c rise in standalone web revenue to Rs 326.09 crore within the second quarter ended September 30, in comparison with Rs 308.69 crore within the year-ago interval. On a consolidated foundation, its web revenue stood at Rs 327.83 crore within the reporting quarter as towards Rs 308.98 crore a yr in the past. Its web premium earnings was Rs 10,045.44 crore throughout the second quarter in comparison with Rs 7,453.68 crore. The insurer’s first-year premium stood at Rs 1,675.15 crore in Q2 FY21 as towards Rs 1,452.72 crore in the identical quarter final yr. Within the April-September interval, the insurer reported a 6 p.c rise in its revenue after tax at Rs 777 crore towards Rs 733 crore within the first half of the earlier fiscal.
Gold could hit Rs 53,000-53,500 by Diwali; silver too will rally: Nirmal Bang
Gold and silver costs are more likely to rise sharply over the subsequent one month, Kunal Shah of Nirmal Bang Commodities informed CNBC-TV18. “The funding demand is powerful, one other stimulus is predicted out of US, and India and China retail demand can also be again. So, I feel gold and silver each are going to rally,” he mentioned. Shah additional added that he expects gold costs to be at Rs 53,000-53,500 (per 10 gm) by Diwali and Rs 54,000 by the top of the yr. He expects silver costs to be at Rs 68,000-69,000 (per kg) by Diwali and Rs 70,000-73,000 by the top of the yr. Watch video for more
Kalyan Jewellers will get Sebi’s go forward to drift Rs 1,750 crore IPO
Kalyan Jewellers India Ltd has obtained capital markets regulator Sebi’s go forward to boost an estimated Rs 1,750 crore by an preliminary share-sale. The IPO contains issuance of recent fairness aggregating as much as Rs 1,000 crore and a proposal on the market (OFS) value Rs 750 crore, in keeping with the Draft Pink Herring Prospectus (DRHP). Kalyan Jewellers’ promoter T S Kalyanaraman can be offloading shares value as much as Rs 250 crore, whereas Highdell Funding Ltd would promote as much as Rs 500 crore value of shares by the OFS route. Kalyan Jewellers, which filed draft papers for IPO in August, obtained Sebi’s observations on October 15, an replace with the regulator confirmed on Monday.
ACC Sept quarter earnings beats estimates; web revenue jumps 20% to Rs 363 crore
Cement maker ACC Ltd reported a 20.26 p.c rise within the September quarter with web revenue at Rs 363.85 crore as towards Rs 302.56 crore within the corresponding quarter of the earlier monetary yr. Web revenue beat CNBC-TV18 analysts’ ballot estimates of Rs 310 crore. The corporate follows a January-December monetary yr. Income throughout the quarter elevated marginally to Rs 3,537.3 crore from Rs 3,528.31 crore, YoY. Income was additionally increased than the CNBC-TV18 ballot of Rs 3,450 crore. EBITDA within the September quarter rose 20.5 p.c to Rs 671.4 crore from Rs 557.1 crore whereas EBITDA margin expanded by 320 bps to 19 p.c from 15.8 p.c, yr on yr.
First up, right here is fast catchup of what occurred within the markets on Monday
Indian shares ended over a p.c increased on Monday, boosted primarily by financial institution and FMCG shares. The sentiment was additionally lifted on hopes of a US stimulus package deal earlier than the presidential election and expectations of a COVID-19 vaccine by year-end. The Sensex ended 449 factors increased at 40,432 whereas the Nifty rose 110 factors to settle at 11,873. Broader markets have been additionally in keeping with the benchmarks with the Nifty Midcap and Nifty Smallcap indices up round 0.7 p.c every. ICICI Financial institution, Axis Financial institution, Nestle, SBI and GAIL have been the highest gainers whereas Divi’s Labs, Eicher Motors, Hero Moto, Cipla and Bajaj Auto led the losses.
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